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SCOPUS 학술저널

Asymmetric Shocks Inside Future EMU

Asymmetric Shocks Inside Future EMU

In this paper, we focus on the issue of shocks asymmetries in the future European Monetary Union. Relying on the technique of codependence developed by Gourieroux and Peaucelle [1989, 1993], we propose a new method which, unlike the analysis of Bayoumi and Eichengreen [1992], does not require any arbitrary restrictions. As a whole, our results support the idea of a two-speed Europe. (JEL Classification: C22, F33, F42)

Ⅰ. Introduction

Ⅱ. Empirical Evaluations of the Degree of Asymmetry

Ⅲ. Asymmetric Shocks and Codependence

Ⅳ. Results and Limitations

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